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Personal Loan EMI Calculator

Tools and Calculators

  • EMI Calculator
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What is a Personal Loan EMI Calculator?

A Personal Loan EMI calculator is a simple tool that calculates the EMI that you are required to pay every month for the repayment of your loan. All you need to do is enter the Loan Amount, Rate of Interest, and the desired Loan Tenure and the personal loan calculator will instantly calculate the EMI Amount and the Interest Payable.  

What is the Meaning of EMI?

Equated Monthly Installments or EMI is the fixed amount that you have to pay regularly to the lender to pay off the personal loan. The EMI amount is paid each month on a specified date which is predetermined at the time of sanctioning the loan.

With a personal loan EMI calculator, you can easily estimate your personal loan EMI and plan your loan repayments accordingly.

How is Personal Loan EMI Calculated?

The formula for calculating personal loan EMI is:

[P x R x (1+R) ^N] / [(1+R) ^N-1]
 

Where,
 

P = Principal/Loan amount
 

R = Rate of Interest
 

N = Repayment tenure (Number of years)
 

The personal loan EMI calculator works by inserting the values in the above formula. The value of your personal loan EMI varies based on three key variables – the loan amount, loan tenure, and the interest rate.

How to Use a Personal Loan EMI Calculator?

 A personal loan EMI calculator has the following three important components –

  • Loan Amount or Principal –It is the total amount that you borrow as a loan and are required to pay back at the end of the term along with the interest

  • Rate of Interest – Expressed as a percentage, the rate of interest is the rate at which interest will be charged on the principal loan amount for a loan duration

  • Loan Tenure or Loan Duration – Expressed either in years or months, tenure is the period within which you are liable to pay back the total personal loan amount with interest  

 

You can use our calculator to calculate your personal loan EMI. Just follow the steps mentioned below:

  • Step 1 – Using the first slider, set the desired Loan Amount. You can even use the ‘+’ and ‘-‘symbols to increase or decrease the amount or enter the amount manually in the box

  • Step 2 – Use the second slider to set the Rate of Interest. You can use the ‘+’ and ‘-‘ symbols to increase or decrease the interest rate or manually enter it in the given box

  • Step 3 – The third and final slider will help you set the Loan Duration, in months or years. You can even use the ‘+’ or ‘-‘ symbols to increase or decrease the loan duration or you can manually enter the same in the box.
     

The personal loan EMI calculator will automatically show you the EMI amount that you need to pay every month.

 

What are the Benefits of Using a Personal Loan EMI Calculator?

 By using the personal loan EMI calculator, you can experience the following advantages -

  • Know the EMI in Advance – Using the personal loan EMI calculator, you can know beforehand the amount that you need to shelf away every month for the repayment of your loan

  • Manage your Budget – By knowing in advance the amount that you need to pay monthly, you can manage your finances around your EMI and spend accordingly

  • Find the Right Loan Tenure – Since you can know the total Principal amount and the total interest payable, a personal loan EMI calculator will help you in choosing a loan tenure you are comfortable with as per your budget

  • Time-Saving and Accurate – Calculating EMI via the traditional manual method is not only time-consuming but also a complex process, often prone to errors. A personal loan EMI calculator gives you the accurate answer within seconds  

How does a Personal Loan Calculator Work?

A personal loan EMI calculator is easy to use. You just need to select the Loan Amount you wish to borrow, Rate of Interest, and Loan Tenure using the different sliders and the calculator will automatically calculate the EMI amount and Total personal loan Interest Payable for you.

What Factors Affect your Personal Loan EMI?

 Three major factors affect your personal loan EMI-

  • Loan Amount: It is the principal amount you borrow and is the key factor that decides your EMI. The higher the loan amount, the higher is the EMI amount.

  • Interest Rate: The higher the interest rate, the greater is the value of your EMI payment. The interest rate on your loan is calculated based on several factors such as your income, repayment capacity, credit history, etc.

  • Loan Tenure: The EMI amount is inversely proportional to the loan tenure. Generally, longer tenure implies lower EMIs and vice versa. However, a longer period also means higher interest payments.
     

Here, you can use our personal loan EMI calculator to arrive at a suitable loan amount and affordable EMI payments.

What is Personal Loan Amortization Schedule?

A personal loan amortization schedule is a complete table of periodic loan payments, displaying the principal amount and the interest amount that you would need to repay to close your loan on time.
 

Let us understand this with the help of an example. For a principal loan amount of Rs. 5,00,000 borrowed at an interest rate of 8% for a tenure of 10 years, the Amortisation schedule will look as shown below –

Year

Principal

Interest

Total Paid

Balance

2020

31,085.95

35,644.23

66,730.18

468,914.05

2021

36,606.34

36,190.22

72,796.56

432,307.71

2022

39,644.67

33,151.89

72,796.56

392,663.04

2023

42,935.15

29,861.41

72,796.56

349,727.89

2024

46,498.75

26,297.81

72,796.56

303,229.14

2025

50,358.11

22,438.45

72,796.56

252,871.03

2026

54,537.81

18,258.75

72,796.56

198,333.22

2027

59,064.43

13,732.13

72,796.56

139,268.79

2028

63,966.74

8,829.82

$72,796.56

75,302.05

2029

69,275.95

3,520.61

72,796.56

6,026.10

2030

6,026.10

40.17

6,066.27

0.00

Total

500,000.00

227,965.49

727,965.49

 

                                                                                                         Note – all figures in INR

Should I Prepay My Personal Loan Early?

 At times, your financial situation can turn around for the better, faster than you anticipated. In such a situation, you can choose to prepay personal loan in part or in full and easily pay off a major chunk of your loan. Here, you will also have to pay prepayment charges on the outstanding loan amount.
 

With part prepayment of personal loan, you can clear your debt sooner and save substantially on the interest outgo. Not only that, but it can also boost your credit score significantly.

FAQs

Follow these simple steps to use Tata Capital’s personal loan EMI calculator –

  • Step 1 – Using the first slider, select the principal loan amount. You can even use the ‘+’ ad ‘-‘symbols to increase or decrease the amount or simply enter the desired amount in the box given

  • Step 2 – Set the desired rate interest using the second slider. You can even use the ‘+’ and ‘-‘symbols to increase or decrease the rate or you can simply enter it in the box given

  • Step 3 – Now, use the third and final slider to set the desired loan tenure (in months or years). You can even use the ‘+’ and ‘-‘symbols to increase or decrease the tenure or you can simply enter it in the box given

Once done, the personal loan EMI calculator will almost instantaneously show the EMI amount that you need to pay every month for loan repayment inclusive of interest. 

The following are the benefits of using a simple online tool such as the personal loan EMI calculator –

  • Convenience – As opposed to lengthy and complex manual calculations, a personal loan EMI calculator will give you an answer in a matter of milliseconds. As a result, you can make a decision regarding your personal loan swiftly 

  • Accuracy – Manual calculations done using pen and paper are often prone to errors. A personal loan EMI calculator will allow you to steer clear of errors by offering an answer that is 100% accurate 

The following are the reasons for which it is important for you to know your EMI in advance –

  • Knowing Personal Loan Eligibility – A personal loan EMI calculator gives you an accurate answer as to the amount you need to pay as EMI every month for loan repayment. This helps your personal loan eligibility to receive the desired loan amount at the desired interest for the desired loan tenure

  • Budgeting – Knowing your exact EMI amount in advance can help you be mentally prepared for what’s coming. As a result, you will be able to plan out your finances around your monthly EMI

  • Planning Out Loan Repayment – Once your know the exact EMI amount you will need to pay each month, you can decide whether or not you will be able to shelve that amount every moth. And if not, you can simply chose other options like increasing the tenure to plan out a convenient repayment 

You can use the following ways to reduce your personal loan EMI –

  • Opting for a Higher Loan Down Payment – Down payment is known as the portion of the loan amount that a borrower needs to pay out-of-pocket. Remember that you need to pay interest only on the borrowed principal amount. A higher principal amount will naturally lead to higher EMIs. Opting for a higher down payment will reduce the borrowed principal, and thereby the EMI

  • Choosing a Longer Loan Tenure – Since your EMI is inversely proportional to the loan tenure, opting for a longer loan tenure will help you disburse the loan over a longer period, thereby reducing each EMI

  • Opting for a Lower Rate of Interest – If you are able to repay the loan faster, then choosing a lower interest rate for personal loan is not only a good way to reduce your EMI but also to pay repay your loan faster

  • Opting for a Balance Transfer – This is applicable after you have already availed a personal loan but are finding it difficult to repay. In such a case, you can have your loan transferred to another lender offering lower interest rates than your current lender 

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